Get started

Bitcoinreversal

Bitcoin 4HR Triple-Top! About to Reverse to $34,500?Bitcoin (BTC/USD) is testing the Weekly Bull Channel resistance and potentially forming a triple-top reversal pattern. If the price fails to hold above $38,000, we could be looking at a pullback to the 4HR 200EMA at $34,500. How do we trade this? We're in a bull channel, which means our bias should be to the upside. With the price levels being near the Weekly Bull Channel Resistance, that long bias has to be put on hold. RSI is around 63.00, and we may form a triple top. If that happens and we get a strong reversal signal bar and confirmation, a short to the $34,500 area is reasonable with a stop loss just above $38,000. Longing at this price ($37,200) would necessarily include a stop loss just below channel support at around $36,000. A proper take profit would be at the Weekly Bull Channel resistance of $38,000, leaving us with a 2:1 Risk/Reward ratio. This could be an ideal scalp if you reduce your max position size by half, but the probability of profit longing is not high enough given the close resistance. Key Points 1. Bitcoin is still in a Bull Channel. 2. Price is Near Weekly Bull Channel Resistance. 3. Potential Triple Top Forming. 4. RSI at 63.00, There's More Downside than Upside. 5. Wait for a Sell Signal to Short. You are solely responsible for your trades, trade at your own risk! Let us know what you think in the comment section below!
INDEX:BTCUSDShort
by TraderEngineering
2
Bitcoin Falling Wedge!!Bitcoins still struggling to break up to create a higher high and that may be due to the fact that we have a very obvious falling wedge pattern playing out, price action has respected both levels very strongly and we are seeing that currently with our daily candle getting what looks like a bounce off the top of the wedge. Now historically falling wedges have a high chance of breaking out to the upside but as we all know especially if you are trading there is always the threat of being flushed out before the move actually plays out, and thats exactly what i think we are going to be looking at here. I have drawn out a box ontop of the 0.7 FIB level or just about 38K where major longer term support lays, i think this area is going to be a very likely bounce area or flush out area where a big institutional wick comes into play, the thing is this falling wedge should realistically be coming to an end right around the 0.7 area if we don't breakout sooner, we have the bottom support lining up perfectly with 38K. Another indicator that is very accurate and should be looked at is the mean reversion channel, the oversold-strong oversold area lines up once again with our 0.7 FIB level and as you guys can see at our ATH we were strong overbought and shortly later a big downside was triggered, same thing could apply here where we land in the oversold area, maybe consolidate for a brief period before then recovering back upwards. Looking at the squeeze momentum indicator, we still realistically have some downside left to go, we are currently coming out of a bearish squeeze and are currently fading out of the squeeze release portion, which is the most explosive part to this indicator. The main thing is that we are slowly but surely coming back towards the midline where the opportunity to trigger a bullish squeeze is there, what we want to see continue is the red bars decreasing day after day like we have been seeing recently, showing a decline in bearish momentum and then a strong push into green territory where then we see rising green bars day after day. Now the Wavetrend indicator also gives me more confirmation we are going to dip a bit lower, and the reason being is that the wavetrend after coming up briefly is beginning to come back down, we have a strong curl currently in play and we are beginning to come back down, i personally think we could see something similar to what i have drawn out, a W shaped recovery, we will need to come back down to the buy zone where then we get a bounce and begin the road to recovery. Overall all of these different factors play into the same outlook i have on BTC and the market, everything confirms a little bit further for the drop before having a strong recovery! NOT FINANCIAL ADVICE JUST MY OPINION!
BITFINEX:BTCUSDShort
by JacobR905
2
🚀Trick Or TreatHalloween is that period of the year when streets are full of ghosts and monsters. At a closer look, they are just kids asking for candies. If you look closely at the latest "spooky" Bitcoin's dip, you will find many bullish elements as well. As anticipated, the market was looking for a retest of the first support area. During a retest, the magnitude of the price move does matter! This week Bitcoin dipped below the psychological level of $60,000 just to find another support right above the previous consolidation area. The price then rebounded back above the breakout level. This kind of price action implies a solid amount of buyer and demand. On the other hand, sellers may not have been satisfied by such a meagre drop from the all-time high. Should they manage to push the price to a new lower low, that would open to a more severe drawdown that will allow them to buy back at more convenient prices. The fight is on, and it could lead to a period of sideways moves between $57,000 and $64,000. What about Alts? They will undoubtedly be those that will benefit the most from this scenario. The rally of Altcoins in BTC prices started precisely at the top of the latest Bitcoin's run. As the trend began to weaken, investors and traders rotated back their allocation in Alts. How long will this Alt-party last? Time will tell. Meanwhile, it's worth continuing to keep an eye on the Bitcoin Dominance chart compared to Bitcoin's price. This is the single best indicator to optimise your portfolio allocation and boost your returns in times of lower volatility.
Long
by Coinrule
Bitcoin Traders Play Tug of War as The Flat Extends SouthBitcoin has extended northwest but more so sideways than up. With B Wave extending to 1.38 of A, we can expect the all too common, Extended Flat to manifest in bearish fashion. The most common targets for C wave of an Extended Flat are 1.23 and 1.618 of Wave AB. These targets will take us down to the range of $38K - $30K; also the same level as the previous sub-wave 4. Undoubtedly, this will result in more bullish activity. Tread lightly. This Wave count will be invalidated with a daily closure above $64,200.
BITFINEX:BTCUSDShort
by DigitalSurfTrading
10
BTC-USD. Risky, uncertain and great moment for BitcoinGreetings, Everyone ! Several dramatic decreases have happened recently. Bitcoin had been stable for a long time before Bitmain announced Antminer S15 and T15. Release of new miners in December will disturb equilibrium of supply and demand. Due to low level of network difficulty new devices will produce a high income level. The market started to adjust price to new expected equilibrium point. Higher the supply is the lower is Bitcoin price. This caused the price fell down the first time. Long term holders and those, who bought huge amount of BTC when it was at $5 500 - $5 700 levels last time, hit their stop losses. That is why we observed the next quick drop at the chart. Lastly manipulations and price speculations have started. This caused the current fall to $3 800 level. Time passed and the second scenario from the previous analysis, which was the most probable, was rejected. Sudden announce and further speculations moved the price right to the fourth scenario: "...The price will reach the end of the bigger triangle and will sharply go down to the last year minimum. This will start a depression and stagnation of BTC and crypto..." As we can see the least probable scenario has happened. Nevertheless the situation is not critical and the best thing you can do is to calm down and relax. You should kill your "animal spirit" and trade wise. There are no signs of further break down through the major support at Fibonacci 1 retracement level. On the contrary technical indicators are bullish: Hidden divergence revealed by trend analysis and oscillator chart, oversold according to Stoch RSI and the price moved back to the Bollinger channel. We expect the price will slowly touch $2 800 level where lateral trend will replace the downtrend. Within next months there will be a bounce which will start a new growth wave and the price should quickly go back to the Fib 0.786 around $6 571 The most important recommendation for the short - mid term is to close all current positions. You should keep only the Long term part of your portfolio (top 10 and fundamentally strong ICO) and diversify you BTC holdings in proportion of 60% USD & 40% BTC. For the long term we suggest you to wait till the price reaches $3 000 - 3 100 level and start accumulate BTC making a full purchase at Fib 1 level with a high stop loss. There is still nothing to worry about, treat this situation like a total sell-out at the market where you can buy BTC and the strongest Alts very cheap Sincerely, SkyRock Signals team
Short
by Skyrexio
BTC Back To Sep 17 Level. Good News and Bad NewsBTC/USD is now back to Sep 17 level. The Bad News is this : I was correct, the dump was coming. The good news is this. Bitcoin has hit rock bottom or is going to hit rock bottom for this year. Yes, there might be potentially another dump in the coming days, or it might go into trend reversal straight away. But at such a price, BTC/USD cannot possibly go down forever. A trend reversal should be coming. We just don't know when. *This post is meant to be informative. I am just giving back to the cryptocurrencies community like what other people does. I do not have a crystal ball to look into the future. It is just information that I am sharing, and not meant to be professional advice to ask you to buy or sell.
BITFINEX:BTCUSD
by WorkaholicTan
These are the BTC structures and levels we NEED to be watching!!Hey crypto traders! These are the structures and levels we should be watching for a reversal!. Do try and time the bottom, wait for confirmation! We need to be very careful since we are nearing the bottom of descending triangle , if we breakout with a daily close to the upside we could very well see a reversal! But on the other hand if we breakdown with a daily close to the down side, hold on tight because we might drop hard! Also keep an eye on the interaction we get if we end up touching that long term support line! GOODLUCK EVERYONE!! MUCH LOVE :D *This is not financial advise:) take it with a grain of salt!
BITFINEX:BTCUSD
by nick203